“富煤、贫油、少气”是我国特有的能源资源禀赋，以煤为主的资源结构短期内难以根本改变。“十四五”期间，煤炭在我国一次性能源供给中仍扮演着重要角色，面对国内外经济和能源格局的变化，能源需求的不稳定性和不确定性加剧，煤炭行业发展面临新问题和新挑战。2021年，陕西煤业原煤产量为1.36亿吨，在煤炭上市公司中盈利能力综合排名第一。面对“双碳目标”和市场新变化，陕西煤业能否获得稳定的资金来源、及时足额筹集到生产要素组合所需要的资金，对企业的经营和发展都是至关重要的，因而科学、合理且有效的融资策略和融资方式对陕西煤业聚焦能源革命、实现工业转型升级、推动新一轮的高质量发展具有重要的现实意义。

       本文以陕西煤业的融资问题为研究对象，总结了相关领域的国内外研究现状以及融资结构理论、生命周期理论、可持续增长理论和价值创造理论，分析了陕西煤业的融资环境和融资现状，以“实际增长率（g）”与“可持续增长率（SGR）”之差衡量公司的资金余缺情况，以“投资资本回报率（ROIC）”与“加权平均资本成本（WACC）”之差衡量公司的创造价值能力，构建融资策略选择的二维矩阵模型，对2014-2020年陕西煤业的融资策略进行分析和评价。结果表明：2014-2020年陕西煤业的融资策略基本遵循先内部积累后外部融资，先债权融资后股权融资的融资顺序，符合融资优序理论；融资方式以留存收益和债务融资为主，内源融资不断增强，股权融资基本稳定；在2014-2020年的不同年份陕西煤业的具体融资策略及方式也有差异。最后，从五个方面提出了陕西煤业优化融资策略的对策建议。

“Rich in coal, poor in oil and little in gas” is China's unique energy resource endowment, and it is difficult to fundamentally change the coal-dominated resource structure in a short period of time.During the 14th Five-year Plan period, coal still plays an important role in China's one-time energy supply. In the face of changes in domestic and international economic and energy patterns, the instability and uncertainty of energy demand are intensified, and the development of the coal industry faces new problems and challenges.In 2021, Shaanxi Coal Industry Company Limited has produced 136 million tons of raw coal, ranking first in overall profitability among listed coal companies.In the face of “double carbon target” and new changes in the market, whether enterprises can obtain stable sources of funds and timely and fully raise the funds required by the combination of factors of production is crucial to the operation and development of enterprises.Thus,scientific, reasonable and effective financing strategies and financing methods have important practical significance for Shaanxi Coal Industry Company Limited to focus on energy revolution, realize industrial transformation and upgrading, and promote a new round of high-quality development.

     This paper takes the financing problems of Shaanxi Coal Industry Company Limited as the research object, summarizes the research status of relevant fields at home and abroad as well as the financing structure theory, life cycle theory, sustainable growth theory and value creation theory, and analyzes the financing environment and current situation of Shaanxi Coal Industry Company Limited. The difference between “Real Growth Rate (g)” and “Sustainable Growth Rate (SGR)” is used to measure the company's capital surplus, and the difference between “Return on invested Capital (ROIC)" and "Weighted Average Cost of Capital (WACC)” is used to measure the company's ability to create value. The two-dimensional matrix model of financing strategy selection is constructed. The financing strategy of Shaanxi Coal Industry Company Limited from 2014 to 2020 is analyzed and evaluated.The results show that the financing strategy of Shaanxi Coal Industry Company Limited from 2014 to 2020 basically follows the financing sequence of internal accumulation and external financing, debt financing and equity financing, which conforms to the financing order theory.The main financing methods are retained earnings and debt financing, the internal financing is constantly enhanced, and the equity financing is basically stable.In different years from 2014 to 2020, Shaanxi Coal Industry Company Limited has different specific financing strategies and ways.Finally, the paper puts forward countermeasures and suggestions for optimizing financing strategy of Shaanxi Coal Industry Company Limited from five aspects.

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